In Red Dead Online you can have only one active character, which you'll use for unlocking ranks and taking part in missions. When you get bored or want to change your gender, you can ask yourself a question - is it worth deleting your character? This page contains information about what will be transferred to your new avatar.
How to delete your current character in Red Dead Online?
To delete a character open the game menu and go to the player tab. After selecting your portrait, you will see a "delete character" option in the down-right corner of the screen. Deleting a character is permanent. Remember, you can always change your clothes or hair without deleting your avatar.
What will you lose after deleting a character in Red Dead Online?
After deleting a character, you'll lose all of your progress, ranks, and gold. The cash will be transferred to your new character, but it is possible that this is only temporary. Many players used the trick to complete all story missions, delete a character and then complete the story missions again (you get more money when you finish the story for the first time). Note that Rockstar may fix this feature, so when you delete a character you risk your time and $.